Vietnam considers the US "a partner of top importance", says DPM

Updated at Monday, 10 Sep 2018, 23:30

The Hanoitimes - Economic, trade and investment cooperation has become the cornerstone of the US-Vietnam relationship. After more than 20 years since the normalization of relations, the US has become one of Vietnam`s largest trading partners.

Vietnam always highly values and attaches great importance to the US enterprises’ investment and business projects, stated Deputy Prime Minister Trinh Dinh Dung at the 2018 US-Vietnam Business Summit in Hanoi on September 10.

Deputy PM Trinh Dinh Dung made speech at the summit

Dung stressed that the Vietnamese government is calling for US investment in projects in the fields of renewable energy, petroleum, infrastructure, finance and banking, education and training, tourism, agriculture, and high technology.

The Deputy PM said that in recent years, the Vietnam - US relations have made strides with many historical events, such as the establishment of the comprehensive partnership in 2013, the first official visit to the US by General Secretary Nguyen Phu Trong in 2015.

Prime Minister Nguyen Xuan Phuc was the first leader of a Southeast Asian country to visit the US in May 2017 after President Donald Trump took office. President Trump also paid an official visit to Vietnam in November 2017, in his first year in office, Dung said.

Vietnam and the US have strengthened and expanded their cooperation in all three bilateral, regional and global dimensions. Vietnam regards the US as an important partner, looks forward to continuing to promote a comprehensive partnership with the US on the basis of bilateral respect for sovereignty, territorial integrity, political regimes for the sake of the two countries, contributing to the maintenance of peace, stability, cooperation and development in the region and the world, said the Deputy PM.

Moreover, nearly 30,000 Vietnamese students and trainees are studying in the US, leading the list of Southeast Asian countries. This will be high-qualified human resources contributing to Vietnam’s economic development in general and being the bridge in promoting trade and investment between the two countries in particular, Dung added.

The Deputy PM said that with abundant labor force, socio-political stability, and ongoing administrative reform, Vietnam is an attractive destination for foreign investors. 128 countries and territories have invested in Vietnam with nearly 26,000 projects with total registered capital of more than US$330 billion.

Economic, trade and investment cooperation has become the cornerstone of the US-Vietnam relationship. After more than 20 years since the normalization of relations, the US has become one of Vietnam's largest trading partners, Dung said.

Trade turnover between the two countries increased from US$7.8 billion in 2005 to US$54 billion in 2017. By the end of the second quarter of 2018, bilateral trade reached US$ 27.4 billion. In terms of investment, by June 2018, the US had 877 valid projects with total capital of US$9.37 billion, ranked 10th among 128 countries and territories having direct investment in Vietnam, Dung added.

Dung emphasized that Vietnam is trying to improve its investment environment and will continue to create favorable conditions for investors including US investors to carry out successful, sustainable and long-term investment and business activities in Vietnam.

The 2018 US-Vietnam Business Summit with the theme of "Defining the future of bilateral economic relations" was co-organized by the American Chamber of Commerce (AmCham) and Vietnam Chamber of Commerce and Industry (VCCI).

The summit draw the participation of representatives from about 100 US and Vietnamese leading enterprises. The topics discussed by businesses included promoting e-commerce and digital economy in Vietnam, implementing policies to ensure optimum network security, renewing investment attraction and delivering supply chain.